{"id":4974,"date":"2017-10-09T22:06:20","date_gmt":"2017-10-09T22:06:20","guid":{"rendered":"http:\/\/www.markagallagher.com\/socaldefenselawyers\/understanding-basic-estate-planning-part-ii-need-estate-plan\/"},"modified":"2020-10-30T20:26:21","modified_gmt":"2020-10-30T20:26:21","slug":"understanding-basic-estate-planning-part-ii-need-estate-plan","status":"publish","type":"post","link":"https:\/\/www.markagallagher.com\/socaldefenselawyers\/understanding-basic-estate-planning-part-ii-need-estate-plan\/","title":{"rendered":"Understanding the Basic of Estate Planning Part II: Do You Need an Estate Plan?"},"content":{"rendered":"

When you hear estate planning<\/em> you may think of giant mansions, jets and yachts, or maybe a precious heirloom diamond broach from your great-great Aunt Myrtle.<\/h2>\n

Simply put, estate planning is the process of anticipating and arranging, during a person\u2019s life, for the management and disposal of your property and assets either during your lifetime or after your death. However, studies show that 55% of Americans die without a will or estate plan. (American Bar Association<\/em>)<\/p>\n

By planning for the future now, with the help of knowledgeable attorneys at the Law Office of Andrew D\u00f3sa, you can help loved ones avoid a stressful situation later. This blog outlines some of the basics of estate planning you should know as you begin the process with your family.<\/p>\n

First, you must begin the conversation<\/em><\/strong>. No one likes talking about the death of a loved one, but there are practicalities that must be considered before if it too late. Consider who will take care of you if you become incapacitated. If a spouse dies, what will that mean to your household income or your family\u2019s holdings? Also consider what it will mean to become a parent\u2019s default caregiver. These responsibilities may be best shared among siblings or relatives to ease the burden of an elderly or ailing parent.<\/p>\n

Next, be sure to check beneficiary designations<\/em><\/strong> on retirement and banking accounts. Make sure that these accounts are titled. This is a necessary step to including these assets in your trust or will. Of course, these designations can change over time, but it is important to at least start the process with a name in mind.<\/p>\n

And finally, no matter your age or income, have the following in order<\/em><\/strong>:<\/p>\n

Financial power of attorney<\/p>\n